Financial Performance - Sales increased by $2.0 million (19%) for the three months ended September 30, 2025, and by $7.8 million (28%) for the nine months ended September 30, 2025, compared to the same periods in 2024, driven by increased production and sales from new facilities[94] - The company achieved a gross profit of $1.4 million for the three months ended September 30, 2025, and $4.3 million for the nine months ended September 30, 2025, representing increases of 22% compared to the prior year[94] - The net loss for the three months ended September 30, 2025, was $26.4 million, a decrease of 23% from a net loss of $34.3 million in the same period in 2024[94] Operating Expenses - Operating expenses totaled $19.6 million for the three months ended September 30, 2025, and $53.7 million for the nine months ended September 30, 2025, reflecting an increase of 1% and 17% respectively compared to the same periods in 2024[94] - Cost of goods sold increased by $2.0 million for the three months ended September 30, 2025, and by $7.1 million for the nine months ended September 30, 2025, primarily due to production ramp-up at new facilities[99] - Research and development costs rose by $0.4 million for the three months ended September 30, 2025, and by $5.0 million for the nine months ended September 30, 2025, driven by the development of production and post-harvest packaging techniques[101] - Sales and marketing costs increased by $0.5 million for the three months ended September 30, 2025, and by $1.1 million for the nine months ended September 30, 2025, mainly due to higher transportation and delivery costs[104] - General and administrative expenses increased by $1.9 million for the nine months ended September 30, 2025, primarily due to a $3.7 million impairment charge related to Pete's trade name[107] Cash Flow and Financing - Net cash used in operating activities was $27.2 million for the nine months ended September 30, 2025, due to a net loss of $85.7 million[125] - Cash and cash equivalents at the end of the period increased to $12.7 million from $6.8 million at the end of the previous year[124] - Future aggregate financing obligation payments total $138.7 million, with significant payments due in the years 2026 to 2029[123] - Net cash provided by financing activities was $44.5 million for the nine months ended September 30, 2025, including $21.4 million from the issuance of Series A Preferred Stock[129] Facility and Production Updates - The Texas facility reached full harvestable capacity in early August 2025 after a reconfiguration to produce both head lettuce and cut products[87] - The company expects yield increases of more than 10% following planned tower upgrades, with optimization completion anticipated in the fourth quarter of 2025[88] - The company operates six facilities, with the latest expansions completed in Washington and Texas, enhancing its production capacity[84] Agreements and Product Offerings - The company signed an offtake agreement with Sam's Club in October 2022 for leafy greens production, which runs through September 2028[85] - The company expanded its product offerings with new Grab & Go Salads and a family-sized 10oz Romano Caesar Salad Kit launched in October 2025[92][93] Interest and Debt - Interest expense, net decreased by $13.8 million for the three months ended September 30, 2025, and by $12.4 million for the nine months ended September 30, 2025, due to a decrease in the principal amount outstanding under the Senior Facility[110][111] - The principal amount due under the credit facility with Cargill Financial totaled $302.0 million as of September 30, 2025[113]

Core Insights - Local Bounti Corporation is a significant player in the U.S. indoor agriculture sector, focusing on innovative farming techniques for sustainable produce [1] - The company reported an earnings per share (EPS) of -$0.001, significantly better than the estimated EPS of -$1.42, indicating effective expense management [2][6] - Revenue for the company was $12.2 million, a 19% year-over-year increase, although it fell short of the estimated $15 million [3][6] - Local Bounti has reduced year-to-date annualized expenses by nearly $8 million and plans to cut an additional $1.5 to $2 million in Q4 2025 [4][6] - The company's current ratio of 1.29 indicates reasonable liquidity, while a debt-to-equity ratio of -3.98 suggests more liabilities than equity [5] Financial Performance - The reported EPS of -$0.001 is a notable improvement over the estimated EPS of -$1.42, reflecting effective expense management [2][6] - Revenue of $12.2 million represents a 19% increase year-over-year, despite being below the estimated $15 million [3][6] - The price-to-sales ratio of 1.32 indicates a moderate valuation, with investors paying $1.32 for every dollar of sales [3] Cost Management - Local Bounti has successfully reduced annualized expenses by nearly $8 million and aims for an additional reduction of $1.5 to $2 million in Q4 2025 [4][6] - The enterprise value to operating cash flow ratio of -16.76 highlights challenges in generating positive cash flow from operations [4] Liquidity and Debt - The current ratio of 1.29 suggests that the company has a reasonable level of liquidity to meet short-term obligations [5] - The debt-to-equity ratio of -3.98 indicates that Local Bounti has more liabilities than equity, which may pose long-term challenges [5]

Core Points - The conference call is hosted by Local Bounti's Executive Chairman Craig Hurlbert and President, CEO, and CFO Kathleen Valiasek [2] - The presentation includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 [2][3] - Forward-looking statements are based on management's current expectations and beliefs, along with assumptions about future events [3] Financial Measures - The company will refer to certain non-GAAP financial measures during the call [4] - Reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures can be found in the press release on the Investor Relations website [4]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a 19% year-over-year revenue growth, reaching $12.2 million, driven by increased production from its facilities in Georgia, Texas, and Washington [17] - The adjusted EBITDA loss improved to $7.2 million from $8.4 million in Q3 of the previous year, indicating meaningful year-over-year progress [17] - The net loss for Q3 decreased to $26.4 million from $34.3 million in the prior year, primarily due to lower interest expenses from a debt restructuring [18] Business Line Data and Key Metrics Changes - The Texas facility completed its reconfiguration and reached full harvestable capacity, effectively doubling its productive output [6] - Labor productivity increased by approximately 19%, while direct labor costs per pound decreased by about 17%, showcasing operational efficiency improvements [7] - The company anticipates yield increases of over 10% following ongoing optimization efforts across its facilities [9] Market Data and Key Metrics Changes - The packaged salad market is projected to grow at an annual rate of 8.6% through 2029, with the company launching new family-sized salad kits to meet consumer demand in this segment [13] - The company expanded its distribution in the Pacific Northwest, launching a new 10-ounce Romano salad kit across 89 Walmart stores, which is expected to enhance its market presence [12] Company Strategy and Development Direction - The company is focusing on building long-term supply partnerships with major retailers, transitioning discussions from exploratory to strategic [4][5] - There is an emphasis on optimizing product mix and pricing architecture to align with marketplace needs, which is expected to improve overall unit economics [11][16] - The company aims to achieve positive adjusted EBITDA by early 2026, driven by volume growth, operational efficiency, and cost discipline [20] Management's Comments on Operating Environment and Future Outlook - Management highlighted a significant shift in market perception of controlled environment agriculture (CEA), now viewed as essential infrastructure rather than an emerging technology [16] - The company is entering Q4 with enhanced operational capacity and stronger commercial momentum than ever before, positioning itself to capitalize on market opportunities [21] Other Important Information - The company has achieved nearly $8 million in annualized cost reductions through the first nine months of the year, with additional initiatives expected to yield $1.5 million to $2 million in further savings [10][20] - A patent application related to optimizing growing processes using computer vision and AI is anticipated to be issued soon, which could enhance production efficiency [9] Q&A Session Summary Question: What are the expectations for revenue growth and adjusted EBITDA? - Management expects revenue growth and product mix optimizations to be key levers for achieving positive adjusted EBITDA, anticipated in early 2026 [20] Question: How is the company addressing operational efficiency? - The company is implementing tower upgrades and automated harvesting, which are expected to improve cost structures and operational efficiency over time [20]

Financial Performance - Revenue increased by 19% year-over-year to $12.2 million in Q3 2025, up from $10.2 million in the prior year period[4] - Net loss for Q3 2025 was $26.4 million, an improvement from a net loss of $34.3 million in the prior year period[4] - Adjusted EBITDA loss improved to $7.2 million in Q3 2025, compared to a loss of $8.4 million in the prior year period[5] - For the three months ended September 30, 2025, the net loss was $26,430 thousand, compared to a net loss of $34,327 thousand for the same period in 2024, indicating an improvement[33] - Adjusted EBITDA for the three months ended September 30, 2025, was $(7,230) thousand, slightly better than $(8,355) thousand for the same period in 2024[33] - For the nine months ended September 30, 2025, the total net loss was $85,682 thousand, slightly higher than $83,644 thousand for the same period in 2024[33] Cost Management - General and administrative expenses decreased by 26% to $4.1 million, excluding a $3.7 million intangible impairment[4] - The company anticipates additional cost reductions of $1.5 to $2.0 million in Q4 2025, with savings realized in the first half of 2026[8] - Interest expense, net, decreased to $4,560 thousand in Q3 2025 from $18,312 thousand in Q3 2024, reflecting a significant reduction[33] - Stock-based compensation expense was $1,251 thousand for the three months ended September 30, 2025, compared to $1,387 thousand in the same period of 2024[33] - Business acquisition and strategic transaction costs amounted to $84 thousand for Q3 2025, down from $614 thousand in Q3 2024[33] Operational Efficiency - The Texas facility achieved a 19% increase in labor productivity and a 17% reduction in direct labor cost per pound from July to October 2025[6] - Planned tower upgrades are expected to yield over a 10% increase in production efficiency by Q4 2025[7] Product Development - Local Bounti launched a new family-sized 10oz Romano Caesar Salad Kit in October 2025, expanding its product offerings[13] Cash and Assets - Cash and cash equivalents totaled $12.7 million as of September 30, 2025, following a $10 million financing through a convertible note agreement[14] - Cash and cash equivalents as of September 30, 2025, were $6,199,000, significantly up from $937,000 as of December 31, 2024[28] - Total current assets increased to $24,133,000 as of September 30, 2025, from $18,823,000 as of December 31, 2024, marking a growth of 28.2%[28] Debt and Equity - Long-term debt decreased to $484,854,000 as of September 30, 2025, from $416,577,000 as of December 31, 2024, indicating an increase of 16.4%[28] - The total stockholders' deficit increased to $158,139,000 as of September 30, 2025, from $100,500,000 as of December 31, 2024[28]

Core Insights - Local Bounti Corporation reported a 19% year-over-year revenue growth, reaching $12.2 million in the third quarter of 2025, driven by increased production and sales from its facilities in Georgia, Texas, and Washington [12][2][3] - The company is advancing strategic partnerships to enable capital-efficient expansion and enhance returns, indicating a shift in the marketplace perception of controlled environment agriculture (CEA) from emerging technology to essential infrastructure [2][8] - Local Bounti aims to achieve positive adjusted EBITDA by early 2026, supported by ongoing cost reduction initiatives and sales growth [18][2] Financial Performance - The adjusted EBITDA loss improved to $7.2 million in Q3 2025, compared to a loss of $8.4 million in the prior year period [12][31] - General and administrative expenses decreased by 26% year-over-year to $4.1 million, excluding non-core items [12][30] - The net loss for Q3 2025 was $26.4 million, an improvement from a net loss of $34.3 million in the same period last year [12][31] Operational Updates - The Texas facility has been reconfigured to produce both head lettuce and cut products, achieving full harvestable capacity and increasing labor productivity by approximately 19% [5][6] - Planned tower upgrades across facilities are expected to enhance production efficiency and yield capacity, with management anticipating yield increases of over 10% [6][8] - The company has targeted additional cost reductions of $1.5 to $2 million, expected to be realized in the first half of 2026 [7][8] Product Development - Local Bounti expanded its salad kit line distribution in the Pacific Northwest and launched new grab-and-go offerings, indicating strong demand for convenient meal options [10][11] - The company introduced a family-sized 10oz Romano Caesar Salad Kit in October 2025, aligning with its strategy to offer multi-serve products at scale [11][10] Capital Structure - As of September 30, 2025, Local Bounti had cash and cash equivalents of $12.7 million and completed a $10 million financing through a convertible note agreement [13][14] - The company restructured its debt, resulting in a new $312 million senior secured debt agreement with no cash interest or principal payments until April 2027 [15][16] Intellectual Property - Local Bounti is advancing its intellectual property portfolio, with a patent application related to optimizing growing processes expected to be issued by December 2025 [9][8]

Core Insights - Local Bounti Corporation, a U.S. indoor agriculture company, will release its financial results for the fiscal third quarter on November 12, 2025, before market opens [1] - A conference call will be held on the same day at 8:00 a.m. ET to discuss the financial results and business updates [2] - The call will be available via webcast and archived online, with a telephonic playback option available until November 19, 2025 [3] Company Overview - Local Bounti is innovating indoor farming through its patented Stack & Flow Technology, which enhances crop turns, increases output, and improves unit economics [4] - The company operates advanced indoor growing facilities across the U.S., servicing approximately 13,000 retail doors [4] - Local Bounti's sustainable methods use 90% less land and 90% less water compared to conventional farming, aiming to provide fresh, sustainable produce while benefiting the environment [4]

Core Viewpoint - Local Bounti Corporation (LOCL) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are crucial for predicting near-term stock price movements [2][4]. - An increase in earnings estimates typically leads to higher fair value calculations by institutional investors, resulting in buying or selling pressure that affects stock prices [4][5]. Recent Developments for Local Bounti - Local Bounti is projected to earn -$7.68 per share for the fiscal year ending December 2025, with no year-over-year change expected [8]. - Over the past three months, the Zacks Consensus Estimate for Local Bounti has increased by 13.7%, reflecting a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - The upgrade of Local Bounti to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) This section presents Local Bounti Corporation's unaudited condensed consolidated financial statements and notes, outlining financial position, performance, and cash flows [Unaudited Condensed Consolidated Balance Sheets](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Unaudited Condensed Consolidated Balance Sheets | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Total Assets | $426,774 | $428,035 | | Total Current Assets | $24,947 | $18,823 | | Cash and cash equivalents | $5,286 | $937 | | Restricted cash | $7,885 | $6,529 | | Total Liabilities | $559,496 | $528,535 | | Total Current Liabilities | $19,381 | $55,436 | | Long-term debt, net | $478,330 | $416,577 | | Total Stockholders' Deficit | $(132,722) | $(100,500) | - Total assets decreased slightly from **$428.0 million** at December 31, 2024, to **$426.8 million** at June 30, 2025. Total liabilities increased from **$528.5 million** to **$559.5 million**, while total stockholders' deficit worsened from **$(100.5) million** to **$(132.7) million**[23](index=23&type=chunk) [Unaudited Condensed Consolidated Statements of Operations](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Unaudited Condensed Consolidated Statements of Operations | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Sales | $12,103 | $9,443 | $23,708 | $17,826 | | Cost of goods sold | $10,631 | $8,092 | $20,775 | $15,689 | | Gross profit | $1,472 | $1,351 | $2,933 | $2,137 | | Total operating expenses | $16,922 | $15,215 | $34,117 | $26,300 | | Loss from operations | $(15,450) | $(13,864) | $(31,184) | $(24,163) | | Net loss | $(21,577) | $(25,267) | $(59,252) | $(49,317) | | Net loss attributable to common stockholders | $(21,577) | $(25,267) | $(59,655) | $(49,317) | | Basic and diluted EPS | $(1.63) | $(3.00) | $(5.40) | $(5.89) | | Weighted average common shares outstanding | 13,270,197 | 8,411,226 | 11,051,720 | 8,368,596 | - Sales increased by **28%** for the three months ended June 30, 2025, and by **33%** for the six months ended June 30, 2025, compared to the respective prior year periods. Despite increased sales, net loss attributable to common stockholders improved by **15%** for the three-month period but worsened by **20%** for the six-month period. Basic and diluted EPS improved for both periods[25](index=25&type=chunk) [Unaudited Condensed Consolidated Statements of Stockholders' Deficit](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Deficit) Unaudited Condensed Consolidated Statements of Stockholders' Deficit | Metric | December 31, 2024 (in thousands) | June 30, 2025 (in thousands) | | :-------------------------------- | :------------------------------- | :----------------------------- | | Total Stockholders' Deficit | $(100,500) | $(132,722) | | Common Stock Shares Outstanding | 8,656,122 | 21,784,277 | | Additional Paid-in Capital | $322,729 | $349,758 | | Accumulated Deficit | $(423,230) | $(482,482) | - The total stockholders' deficit increased from **$(100.5) million** at December 31, 2024, to **$(132.7) million** at June 30, 2025, primarily due to a net loss of **$(59.252) million** for the six months ended June 30, 2025. Common stock shares outstanding significantly increased from **8.66 million** to **21.78 million**, largely due to the conversion of Series A Preferred Stock[27](index=27&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Unaudited Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net cash used in operating activities | $(18,270) | $(11,084) | | Net cash used in investing activities | $(10,884) | $(59,824) | | Net cash provided by financing activities | $34,859 | $70,187 | | Net change in cash and cash equivalents and restricted cash | $5,705 | $(721) | | Cash and cash equivalents and restricted cash at end of period | $13,171 | $16,174 | - Net cash used in operating activities increased to **$(18.3) million** for the six months ended June 30, 2025, from **$(11.1) million** in the prior year. Net cash used in investing activities significantly decreased to **$(10.9) million** from **$(59.8) million**. Net cash provided by financing activities decreased to **$34.9 million** from **$70.2 million**, leading to a positive net change in cash of **$5.7 million**, compared to a negative change of **$(0.7) million** in the prior year[28](index=28&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1. Business Description](index=16&type=section&id=1.%20Business%20Description) - Local Bounti Corporation, founded in August 2018, is a controlled environment agriculture (CEA) company headquartered in Hamilton, Montana. It specializes in sustainably grown produce, including living lettuce, herbs, and salad kits, utilizing its patented Stack & Flow Technology, a hybrid of vertical and hydroponic greenhouse farming[31](index=31&type=chunk) [2. Summary of Significant Accounting Policies](index=16&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) - The financial statements are prepared in accordance with U.S. GAAP and include consolidated accounts of the Company and its wholly-owned subsidiaries[32](index=32&type=chunk) - A change in presentation for operating expenses now separately presents 'Sales and marketing' and 'General and administrative' for better clarity, with prior periods recast for comparison[33](index=33&type=chunk)[34](index=34&type=chunk) - The adoption of ASU 2023-09 on Income Taxes for the fiscal year ending December 31, 2025, had no interim impact[35](index=35&type=chunk) [3. Inventory](index=17&type=section&id=3.%20Inventory) Inventory | Inventory Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :----------------- | :----------------------------- | :------------------------------- | | Raw materials | $2,870 | $2,349 | | Production | $4,799 | $5,515 | | Finished goods | $227 | $202 | | Inventory allowance | $(868) | $(1,252) | | Total inventory, net | $7,028 | $6,814 | - Net inventory increased slightly from **$6.814 million** at December 31, 2024, to **$7.028 million** at June 30, 2025. This was driven by an increase in raw materials and finished goods, partially offset by a decrease in production inventory and a reduced inventory allowance[36](index=36&type=chunk) [4. Property and Equipment](index=17&type=section&id=4.%20Property%20and%20Equipment) Property and Equipment | Property and Equipment Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------------ | :----------------------------- | :------------------------------- | | Machinery, equipment, and vehicles | $116,785 | $115,373 | | Land | $19,253 | $19,253 | | Buildings and leasehold improvements | $261,172 | $258,864 | | Construction-in-progress | $6,256 | $6,039 | | Less: Accumulated depreciation | $(38,204) | $(28,551) | | Property and equipment, net | $365,262 | $370,978 | - Net property and equipment decreased from **$370.978 million** at December 31, 2024, to **$365.262 million** at June 30, 2025, primarily due to increased accumulated depreciation. Depreciation expense for the three months ended June 30, 2025, was **$5.0 million**, up from **$3.0 million** in the prior year, and for the six months, it was **$10.0 million**, up from **$5.3 million**[37](index=37&type=chunk) [5. Accrued Liabilities](index=17&type=section&id=5.%20Accrued%20Liabilities) Accrued Liabilities | Accrued Liability Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------- | :----------------------------- | :------------------------------- | | Interest | $4,968 | $15,293 | | Construction | $79 | $46 | | Payroll | $1,429 | $631 | | Production | $1,069 | $704 | | Professional services | $419 | $295 | | Other | $1,709 | $1,113 | | Total accrued liabilities | $9,673 | $18,082 | - Total accrued liabilities significantly decreased from **$18.082 million** at December 31, 2024, to **$9.673 million** at June 30, 2025. This reduction was primarily driven by a substantial decrease in accrued interest from **$15.293 million** to **$4.968 million**[38](index=38&type=chunk) [6. Debt](index=18&type=section&id=6.%20Debt) Debt | Debt Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------------ | :----------------------------- | :------------------------------- | | Senior Facility | $312,000 | $413,359 | | Debt premium, net of amortization | $166,330 | — | | Subordinated Facility | — | $54,564 | | Unamortized deferred financing costs | — | $(31,141) | | Total debt | $478,330 | $436,782 | | Less: Short-term portion | — | $(20,205) | | Total long-term debt | $478,330 | $416,577 | - On March 31, 2025, the Company restructured its credit agreements with Cargill Financial through the Eleventh Amendment. This resulted in the cancellation of **$139.0 million** of Senior Facility loans and **$58.0 million** of Subordinated Facility loans, reducing the outstanding Senior Facility principal to **$312.0 million**[41](index=41&type=chunk)[42](index=42&type=chunk) - A debt premium of **$181.7 million** (net of unamortized debt discount) was recorded and will be amortized as a reduction to interest expense[43](index=43&type=chunk) - The Eleventh Amendment was deemed a troubled debt restructuring, with no gain recognized on debt cancellation[43](index=43&type=chunk) - The Senior Facility's interest rate is three-month SOFR plus **2.0%** (increasing to **6.0%** after March 31, 2031), with a maturity date of December 31, 2035[44](index=44&type=chunk)[46](index=46&type=chunk) - Financial covenants include minimum Consolidated Interest Coverage Ratio, minimum liquidity, minimum Consolidated Adjusted EBITDA, and a current ratio[48](index=48&type=chunk) [7. Fair Value Measurements](index=19&type=section&id=7.%20Fair%20Value%20Measurements) Fair Value Measurements | Item | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------- | :----------------------------- | :------------------------------- | | Money market funds (Level 1) | $11,771 | $7,448 | | Cargill Amended Warrants Liability (Level 3) | $11,412 | $6,403 | - The fair value of the Cargill Amended Warrants Liability increased from **$6.403 million** at December 31, 2024, to **$11.412 million** at June 30, 2025[50](index=50&type=chunk) - This increase is primarily due to the Eleventh Amendment, which reduced the warrant exercise price from **$6.50** to **$4.00** per share and extended the expiration date to March 31, 2033, increasing the warrant's value[51](index=51&type=chunk) - The fair value is determined using a Black-Scholes model[51](index=51&type=chunk) [8. Stockholders' Deficit](index=22&type=section&id=8.%20Stockholders%27%20Deficit) - On March 31, 2025, the Company completed a **$25 million** PIPE Investment, issuing **1,771,586** shares of common stock and **10,728,414** shares of Series A Preferred Stock at **$2.00** per share[53](index=53&type=chunk) - The Series A Preferred Stock was converted to common stock after stockholder approval on June 11, 2025[54](index=54&type=chunk) - The Company recognized a **$0.4 million** deemed dividend to preferred stockholders due to the increase in the Series A Preferred Stock's redemption value[55](index=55&type=chunk) - The Company's 2021 Equity Incentive Plan was amended to increase the number of issuable shares by an additional **2,473,042** shares, effective June 11, 2025, following stockholder approval[56](index=56&type=chunk) [9. Stock-Based Compensation](index=23&type=section&id=9.%20Stock-Based%20Compensation) Stock-Based Compensation | Stock-Based Compensation | Three Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | | :----------------------- | :---------------------------------------------- | :-------------------------------------------- | | Total RSU expense, net | $2,200 | $2,800 | | Total RSA expense | $0 | $100 | - Total RSU expense, net of amounts capitalized, was **$2.2 million** for the three months and **$2.8 million** for the six months ended June 30, 2025, an increase from **$1.5 million** and **$0.3 million** respectively in the prior year[57](index=57&type=chunk) - All Restricted Common Stock Awards (RSAs) were vested by June 30, 2025, with no remaining compensation cost[58](index=58&type=chunk) - As of June 30, 2025, **$7.1 million** in compensation cost related to unvested RSUs remains unrecognized, expected to be recognized over **1.67 years**[58](index=58&type=chunk) [10. Net Loss Per Share](index=23&type=section&id=10.%20Net%20Loss%20Per%20Share) Net Loss Per Share | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss attributable to common stockholders (in thousands) | $(21,577) | $(25,267) | $(59,655) | $(49,317) | | Weighted average common shares outstanding | 13,270,197 | 8,411,226 | 11,051,720 | 8,368,596 | | Net loss per common share, basic and diluted | $(1.63) | $(3.00) | $(5.40) | $(5.89) | - Basic and diluted net loss per share were the same for all periods presented as all potentially dilutive securities were anti-dilutive[60](index=60&type=chunk) - The net loss per common share improved to **$(1.63)** for the three months ended June 30, 2025, from **$(3.00)** in the prior year, and to **$(5.40)** for the six months, from **$(5.89)** in the prior year[62](index=62&type=chunk) [11. Segment Reporting](index=25&type=section&id=11.%20Segment%20Reporting) - The Company operates as a single operating and reportable segment, deriving revenue from the production and sale of agricultural produce in the U.S[63](index=63&type=chunk) - The Chief Executive Officer, as the chief operating decision maker (CODM), reviews consolidated financial information to make operating decisions and assess performance[64](index=64&type=chunk) Segment Net Loss | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Revenue | $12,103 | $9,443 | $23,708 | $17,826 | | Segment net loss | $(21,577) | $(25,267) | $(59,252) | $(49,317) | [12. Commitments and Contingencies](index=26&type=section&id=12.%20Commitments%20and%20Contingencies) - The Company is involved in various legal proceedings in the ordinary course of business but is currently unaware of any matters expected to have a material adverse effect on its financial position, results of operations, or cash flows[66](index=66&type=chunk) [13. Subsequent Events](index=26&type=section&id=13.%20Subsequent%20Events) - On August 1, 2025, the Company entered into a Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC, for a **$10.0 million** convertible note (**6.0%** interest) and a warrant to purchase **550,000** shares at **$0.125** per share[67](index=67&type=chunk) - The note is convertible into up to **4,000,000** common shares at **$2.50** per share, subject to stockholder approval[67](index=67&type=chunk) - Concurrently, on August 1, 2025, the Company executed a Twelfth Amendment to its Senior Credit Agreement with Cargill Financial, resulting in the cancellation of **$10.0 million** of outstanding loans and reducing the principal to **$302.0 million**[68](index=68&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides an analysis of Local Bounti's financial condition, results of operations, business updates, and liquidity for the reported periods [Our Mission and Vision](index=27&type=section&id=Our%20Mission%20and%20Vision) - Local Bounti's mission is to revolutionize agriculture by providing fresh, sustainable, locally grown produce to communities[71](index=71&type=chunk) - Its vision is to reimagine freshness through transformative innovation and technology, minimizing food miles and ensuring environmentally sustainable, nutritious, and consistent non-GMO products[71](index=71&type=chunk) [Company Overview](index=27&type=section&id=Company%20Overview) - Local Bounti is a CEA company producing sustainably grown living lettuce, herbs, and salad kits using patented Stack & Flow Technology[72](index=72&type=chunk) - The company operates six facilities across the U.S. (Montana, California, Georgia, Washington, Texas) and distributes to approximately **13,000** retail locations in **35** states, including major retailers like Walmart and Kroger[72](index=72&type=chunk)[73](index=73&type=chunk) - The company aims to expand production capacity and market reach through new facility construction, existing facility expansion, or acquisitions, while also exploring new product offerings like berries[72](index=72&type=chunk)[74](index=74&type=chunk) - Its technology uses **90%** less water and land than traditional agriculture[74](index=74&type=chunk) [Commercial Facility Update](index=28&type=section&id=Commercial%20Facility%20Update) - The Texas facility reconfiguration for flexible head lettuce and cut product production was completed in late July 2025, now operating at full harvestable capacity with automated harvesting equipment installed[75](index=75&type=chunk) - Tower upgrades are planned for Georgia (late August), Texas (late August), and Washington (early September) facilities to enhance production efficiency and yield capacity[76](index=76&type=chunk) - The company is advancing a seed cost reduction program for Texas and Washington facilities, building on successful implementations in Georgia, with anticipated implementation throughout Q3 and Q4 2025[76](index=76&type=chunk) - Additional annualized cost reduction initiatives of **$2.5 million** to **$3 million** are targeted for action in H2 2025[76](index=76&type=chunk) - Plans for additional capacity expansion across the network, including into the Midwest, remain under review, pending discussions with retailers to optimize facilities for specific products and expand distribution[77](index=77&type=chunk) [Product Development & Distribution](index=28&type=section&id=Product%20Development%20%26%20Distribution) - Local Bounti launched its salad kit line in April 2025 and plans to introduce a new, larger family-sized Caesar salad kit with a multi-national retailer in the Pacific Northwest in Q4[78](index=78&type=chunk) - The company is also expanding its partnership with a leading home delivery service, launching four new private label salad kits in mid-September[78](index=78&type=chunk) - The relationship with Walmart is growing, with expanded commitments to serve **13** Walmart distribution centers with Conventional Living Butter Lettuce from California and Texas facilities, commencing in late April[79](index=79&type=chunk) [Factors Affecting Our Financial Condition and Results of Operations](index=28&type=section&id=Factors%20Affecting%20Our%20Financial%20Condition%20and%20Results%20of%20Operations) - The Company expects to continue expending substantial resources on completing new and expanded facilities, standardizing operating processes, investing in growth opportunities (new products, innovation), and increasing sales and marketing efforts, all of which will impact financial condition and results of operations[80](index=80&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) [Sales](index=32&type=section&id=Sales) Sales | Period | Sales (in thousands) | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------- | :------------- | :------------- | | Three Months Ended June 30, 2025 | $12,103 | $2,660 | 28% | | Three Months Ended June 30, 2024 | $9,443 | | | | Six Months Ended June 30, 2025 | $23,708 | $5,882 | 33% | | Six Months Ended June 30, 2024 | $17,826 | | | - Sales increased due to increased production and growth from the Georgia facility and new sales from the Texas and Washington facilities, which began shipping in Q2 2024[84](index=84&type=chunk) [Cost of Goods Sold](index=32&type=section&id=Cost%20of%20Goods%20Sold) Cost of Goods Sold | Period | Cost of Goods Sold (in thousands) | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------ | :------------- | :------------- | | Three Months Ended June 30, 2025 | $10,631 | $2,539 | 31% | | Three Months Ended June 30, 2024 | $8,092 | | | | Six Months Ended June 30, 2025 | $20,775 | $5,086 | 32% | | Six Months Ended June 30, 2024 | $15,689 | | | - Cost of goods sold increased primarily due to production ramp-up at the new Texas and Washington facilities and increased production at the Georgia facilities[85](index=85&type=chunk) - The company expects COGS to decrease as a percentage of sales as the business scales[86](index=86&type=chunk) [Research and Development](index=32&type=section&id=Research%20and%20Development) Research and Development Expenses | Period | R&D Expenses (in thousands) | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :-------------------- | :------------- | :------------- | | Three Months Ended June 30, 2025 | $6,485 | $1,966 | 44% | | Three Months Ended June 30, 2024 | $4,519 | | | | Six Months Ended June 30, 2025 | $13,462 | $5,456 | 68% | | Six Months Ended June 30, 2024 | $8,006 | | | - Research and development costs increased significantly, driven by additional development of production, harvesting, and post-harvest packaging techniques[87](index=87&type=chunk) - This includes production surplus costs related to commercial-scale Stack & Flow Technology and processes at the Washington and Texas facilities[88](index=88&type=chunk) [Sales and Marketing](index=32&type=section&id=Sales%20and%20Marketing) Sales and Marketing Expenses | Period | Sales & Marketing Expenses (in thousands) | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :------------------------------ | :------------- | :------------- | | Three Months Ended June 30, 2025 | $2,392 | $296 | 14% | | Three Months Ended June 30, 2024 | $2,096 | | | | Six Months Ended June 30, 2025 | $4,506 | $625 | 16% | | Six Months Ended June 30, 2024 | $3,881 | | | - Sales and marketing costs increased due to higher salaries, commissions, benefits, payroll-related expenses, and increased transportation and delivery costs resulting from higher sales volumes[90](index=90&type=chunk)[91](index=91&type=chunk) [General, and Administrative](index=32&type=section&id=General%2C%20and%20Administrative) General and Administrative Expenses | Period | G&A Expenses (in thousands) | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :-------------------- | :------------- | :------------- | | Three Months Ended June 30, 2025 | $8,045 | $(555) | (6)% | | Three Months Ended June 30, 2024 | $8,600 | | | | Six Months Ended June 30, 2025 | $16,149 | $1,736 | 12% | | Six Months Ended June 30, 2024 | $14,413 | | | - General and administrative expenses decreased by **$0.6 million** for the three months ended June 30, 2025, due to lower salaries, professional fees, and property tax, partially offset by increased stock-based compensation and depreciation[93](index=93&type=chunk) - For the six months, G&A increased by **$1.7 million**, driven by higher stock-based compensation, depreciation, and insurance, partially offset by decreases in salaries, professional fees, and property tax[94](index=94&type=chunk) [Change in Fair Value of Warrant Liability](index=33&type=section&id=Change%20in%20Fair%20Value%20of%20Warrant%20Liability) Change in Fair Value of Warrant Liability | Period | Change in Fair Value of Warrant Liability (in thousands) | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :--------------------------------------- | :------------- | :------------- | | Three Months Ended June 30, 2025 | $(1,499) | $(2,595) | (237)% | | Three Months Ended June 30, 2024 | $1,096 | | | | Six Months Ended June 30, 2025 | $(5,009) | $(1,925) | 62% | | Six Months Ended June 30, 2024 | $(3,084) | | | - The increase in the fair value of warrant liability is primarily due to the Eleventh Amendment, which decreased the per share exercise price of the Original Warrants from **$6.50** to **$4.00** and extended the expiration date[95](index=95&type=chunk) - This change in terms increased the value of the warrants and the related liability[95](index=95&type=chunk) - An additional increase for the three months ended June 30, 2025, was due to a net increase in the closing stock price[95](index=95&type=chunk) [Interest Expense, net](index=33&type=section&id=Interest%20Expense%2C%20net) Interest Expense, net | Period | Interest Expense, net (in thousands) | YoY Change ($) | YoY Change (%) | | :-------------------------------- | :--------------------------- | :------------- | :------------- | | Three Months Ended June 30, 2025 | $(4,602) | $7,898 | (63)% | | Three Months Ended June 30, 2024 | $(12,500) | | | | Six Months Ended June 30, 2025 | $(23,440) | $(1,332) | 6% | | Six Months Ended June 30, 2024 | $(22,108) | | | - Interest expense, net, decreased by **$7.9 million** for the three months ended June 30, 2025, primarily due to a **$10.6 million** decrease in interest expense from the Eleventh Amendment's principal reduction and a **$1.7 million** increase in debt premium amortization[97](index=97&type=chunk) - This was partially offset by a **$4.4 million** decrease in capitalized interest (no interest capitalized in Q2 2025)[97](index=97&type=chunk) - For the six months, interest expense, net, increased by **$1.3 million**, driven by a **$10.1 million** decrease in capitalized interest compared to the prior year (due to Washington and Texas facility construction)[98](index=98&type=chunk) - This increase was partially offset by a **$7.0 million** decrease in interest expense from the Eleventh Amendment and a **$1.7 million** increase in debt premium amortization[98](index=98&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, Local Bounti had an accumulated deficit of **$482.5 million** and cash and cash equivalents and restricted cash of **$13.2 million**[99](index=99&type=chunk) - The principal amount outstanding under the Cargill Financial credit facility was **$312.0 million**, all classified as long-term[100](index=100&type=chunk) - The CEA business is capital-intensive, with primary liquidity sources being cash on hand, product sales, and Cargill Financial credit facilities[101](index=101&type=chunk) - The company expects to incur significant operating costs over the next **12 months** and may need additional debt, equity, or sale leaseback financing, with no assurance of availability or favorable terms[102](index=102&type=chunk) [Cargill Loans](index=35&type=section&id=Cargill%20Loans) - As of June 30, 2025, **$312.0 million** principal was outstanding on the Senior Facility[103](index=103&type=chunk) - The Eleventh Amendment reduced the principal balance and interest rate, and a debt premium will amortize as a reduction to interest expense over the **10-year** term[103](index=103&type=chunk) - Interest payment terms vary: cash payments on **$100 million** (2027-2029), cash or PIK on excess over **$100 million** (2027-2029), cash payments on up to **$200 million** (2030-2031), cash or PIK on excess over **$200 million** (2027-2031)[104](index=104&type=chunk)[105](index=105&type=chunk) - After March 31, 2031, all interest is cash-payable[106](index=106&type=chunk) - Principal repayment of **50%** of free cash flow begins in Q4 2027, with a maturity date of December 31, 2035[106](index=106&type=chunk) [Financing Obligations](index=35&type=section&id=Financing%20Obligations) - The Company has two financing obligations from sale leaseback transactions for the Montana Facility (**$6.9 million**, **20-year** lease) and the California Facilities (**$35 million**, **25-year** lease)[107](index=107&type=chunk) Financing Obligation Payments | Fiscal Year | Financing Obligation Payments (in thousands) | | :---------- | :----------------------------------------- | | Remainder of 2025 | $2,534 | | 2026 | $5,158 | | 2027 | $5,297 | | 2028 | $5,439 | | 2029 | $5,585 | | Thereafter | $115,948 | | Total | $139,961 | [Cash Flow Analysis](index=36&type=section&id=Cash%20Flow%20Analysis) Cash Flow Summary | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net cash used in operating activities | $(18,270) | $(11,084) | | Net cash used in investing activities | $(10,884) | $(59,824) | | Net cash provided by financing activities | $34,859 | $70,187 | | Cash and cash equivalents and restricted cash at end of period | $13,171 | $16,174 | [Net Cash Used In Operating Activities](index=36&type=section&id=Net%20Cash%20Used%20In%20Operating%20Activities) - Net cash used in operating activities was **$(18.3) million** for the six months ended June 30, 2025, primarily due to a net loss of **$(59.3) million**, partially offset by non-cash adjustments including **$15.3 million** in paid-in-kind interest, **$5.0 million** change in warrant liability, **$10.0 million** depreciation, and **$2.9 million** stock-based compensation[110](index=110&type=chunk) - For the six months ended June 30, 2024, net cash used in operating activities was **$(11.1) million**, driven by a net loss of **$(49.3) million**, partially offset by **$21.7 million** paid-in-kind interest, **$5.3 million** depreciation, **$4.2 million** amortization of debt issuance costs, and **$3.1 million** change in warrant liability[111](index=111&type=chunk) [Net Cash Used In Investing Activities](index=36&type=section&id=Net%20Cash%20Used%20In%20Investing%20Activities) - Net cash used in investing activities decreased significantly to **$(10.9) million** for the six months ended June 30, 2025, from **$(59.8) million** in the prior year, primarily due to reduced purchases of construction materials, services, and equipment for the Washington and Texas facilities[112](index=112&type=chunk) [Net Cash Provided By Financing Activities](index=36&type=section&id=Net%20Cash%20Provided%20By%20Financing%20Activities) - Net cash provided by financing activities was **$34.9 million** for the six months ended June 30, 2025, comprising **$21.4 million** from Series A Preferred Stock issuance, **$10.5 million** from debt issuance, and **$3.5 million** from common stock issuance[113](index=113&type=chunk) - For the six months ended June 30, 2024, net cash provided by financing activities was **$70.2 million**, entirely from net proceeds from debt issuance[113](index=113&type=chunk) [Critical Accounting Policies and Estimates](index=36&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - There have been no changes to the Company's critical accounting policies and estimates from those described in the Annual Report on Form 10-K for the year ended December 31, 2024[114](index=114&type=chunk) [Recent Accounting Pronouncements](index=36&type=section&id=Recent%20Accounting%20Pronouncements) - Information regarding recent accounting pronouncements is incorporated by reference from Note 2 of the Unaudited Condensed Consolidated Financial Statements[115](index=115&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Local Bounti Corporation is not required to provide quantitative and qualitative disclosures about market risk - The Company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[116](index=116&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) This section addresses the effectiveness of Local Bounti's disclosure controls and procedures and reports on any changes in internal control over financial reporting [Limitations on effectiveness of control and procedures](index=38&type=section&id=Limitations%20on%20effectiveness%20of%20control%20and%20procedures) - Management acknowledges that any controls and procedures, regardless of design, can only provide reasonable assurance of achieving desired control objectives due to inherent limitations and resource constraints[118](index=118&type=chunk) [Evaluation of Disclosure Controls and Procedures](index=38&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) - As of June 30, 2025, management, with the participation of the CEO and CFO, concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level[119](index=119&type=chunk) [Changes in Internal Control over Financial Reporting](index=38&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) - There were no changes in internal control over financial reporting during the three months ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[120](index=120&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 12 of the financial statements for information regarding legal proceedings, indicating no material adverse effects are expected - Information regarding legal proceedings is provided in Note 12, Commitments and Contingencies, to the Unaudited Condensed Consolidated Financial Statements[123](index=123&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, highlighting the significant influence of concentrated ownership and the company's 'controlled company' status under NYSE rules - Following the conversion of Series A Preferred Stock, U.S. Bounti, LLC (controlled by Charles R. Schwab) holds approximately **55%** of voting power and Mr. Schwab beneficially owns approximately **60%** of outstanding common stock[124](index=124&type=chunk) - This concentrated ownership allows significant influence over decisions, including director elections and corporate transactions, potentially delaying or blocking changes in control[124](index=124&type=chunk) - The Company qualifies as a 'controlled company' under NYSE rules, which provides exemptions from certain corporate governance requirements (e.g., independent directors majority, independent nominating/compensation committees)[125](index=125&type=chunk) - However, the Company does not currently, and does not expect to, rely on these exemptions and complies with all relevant NYSE corporate governance requirements[127](index=127&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that there were no unregistered sales of equity securities during the reporting period that were not previously disclosed in a Current Report on Form 8-K - No unregistered sales of equity securities occurred during the fiscal quarter ended June 30, 2025, that were not previously reported in a Current Report on Form 8-K[126](index=126&type=chunk) [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) This section confirms that no directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fiscal quarter - No directors or officers informed the Company of the adoption or termination of a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the fiscal quarter ended June 30, 2025[129](index=129&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate documents, credit agreements, warrant amendments, and certifications - The exhibits include corporate documents (Certificate of Incorporation, Bylaws), debt restructuring agreements (Eleventh Amendment to Senior Credit Agreement), warrant amendments, securities purchase agreements, investor rights agreements, support agreements, and certifications (CEO/CFO certifications under Sarbanes-Oxley Act)[131](index=131&type=chunk) - Financial statements formatted in Inline XBRL (Unaudited Condensed Consolidated Statements of Cash Flows, Operations, Balance Sheets, and Notes) are included as Exhibit 101, with the cover page in Inline XBRL as Exhibit 104[131](index=131&type=chunk) [SIGNATURES](index=44&type=section&id=SIGNATURES) This section contains the signature of the authorized representative of Local Bounti Corporation, confirming the due filing of the report - The report is signed by Kathleen Valiasek, President, Chief Executive Officer, and Chief Financial Officer of Local Bounti Corporation, on August 14, 2025[135](index=135&type=chunk)

分组1 - Local Bounti Corporation reported a quarterly loss of $1.63 per share, better than the Zacks Consensus Estimate of a loss of $1.95, and improved from a loss of $3 per share a year ago, resulting in an earnings surprise of +16.41% [1] - The company posted revenues of $12.1 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 1.6%, but showing an increase from $9.44 million in the same quarter last year [2] - Local Bounti shares have increased approximately 21.3% since the beginning of the year, outperforming the S&P 500's gain of 9.6% [3] 分组2 - The earnings outlook for Local Bounti is mixed, with the current consensus EPS estimate for the coming quarter at -$1.44 on revenues of $13.9 million, and -$8.90 on revenues of $59.7 million for the current fiscal year [7] - The Agriculture - Operations industry, to which Local Bounti belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, indicating potential challenges for stock performance [8]